True Strength Index Indicator

True Strength Index Indicator

True Strength Index indicator for mt4 – download free. Overbought and oversold mt4 indicator. Best momentum indicator for mt4.

The True Strength Index indicator for MetaTrader is an oscillating indicator that tracks the changes in the momentum of a tradable asset. The indicator can also come in handy in analyzing the direction of a trend.

How do you read the True Strength Index?
The indicator is pretty simple to interpret. The centerline of the indicator is used to define the momentum of the trend. Therefore, when the indicator line is above the 0.00 level, the momentum of the trend is considered to be bullish. Similarly, when the indicator line is below the 0.00 level, the momentum of the trend is considered to be bearish.

This indicator is suitable for different forex trading styles like scalping, day/intraday, and swing trading. Furthermore, the indicator can be used by both novice and experienced traders.

How To Trade With True Strength Indicator

The above screenshot depicts how the indicator would look on your mt4 platform. The True Strength Index indicator does not in any way generate a BUY/SELL trade signal. It is rather meant to reveal the current strength of the momentum of an asset.

The indicator is recommended to be used in synergy with price action and/or other technical indicators to generate BUY/SELL trade entries. This infers that you may use the True Strength Index indicator as a confluence to further probe your trade entries/exits.

Furthermore, It can also be used to identify the overbought/oversold zones of an asset. However, this may be quite tricky as the indicator doesn’t come with any defined limits for overbought and oversold.

Conclusion
The True Strength Index indicator for MT4 would assist you to keep a tab on the ever-changing momentum of an asset. Besides, It is also easy to use, almost lag-free, and very sensitive to the changes in the price movement. Finally, the indicator is free to download.